| (in millions of euros) | Gross book value of shares owned | Impairment Recorded at 31/12/2019 | % capital owned | Equity 2018 | Net income 2018 | Dividends Received 2019 |
|---|---|---|---|---|---|---|
| I. Subsidiaries | ||||||
| Total I Carried forward | Total I Carried forwardGross book value of shares owned59,285 | Total I Carried forwardImpairment Recorded at 31/12/2019449 | Total I Carried forwardDividends Received 20191,417 | |||
| II Investments | ||||||
| II.1 Companies in which EDF has an interest of between 10% and 50% | ||||||
Industrial and commercial companies | ||||||
| France | ||||||
| Trimet France | Trimet France Gross book value of shares owned130 | Trimet France Impairment Recorded at 31/12/201973 | Trimet France % capital owned35 | Trimet France Equity 2018257 | Trimet France Net income 2018(14) | Trimet France Dividends Received 2019- |
| Dalkia Investissements | Dalkia Investissements Gross book value of shares owned63 | Dalkia Investissements Impairment Recorded at 31/12/201956 | Dalkia Investissements % capital owned49.9 | Dalkia Investissements Equity 201886 | Dalkia Investissements Net income 2018n.m. | |
| Total II.1 | Total II.1Gross book value of shares owned193 | Total II.1Impairment Recorded at 31/12/2019129 | Total II.1Dividends Received 2019 - | |||
| II.2 Companies in which EDF has an interest of | ||||||
| less than 10%: | ||||||
| Other companies | Other companies Gross book value of shares owned- | Other companies Impairment Recorded at 31/12/2019- | Other companies % capital owned- | Other companies Equity 2018- | Other companies Net income 2018- | Other companies Dividends Received 2019- |
| Other countries | ||||||
| Forces Motrices de Mauvoisin | Forces Motrices de Mauvoisin Gross book value of shares owned1 | Forces Motrices de Mauvoisin Impairment Recorded at 31/12/2019- | Forces Motrices de Mauvoisin % capital owned10 | Forces Motrices de Mauvoisin Equity 2018107 | Forces Motrices de Mauvoisin Net income 20185 | Forces Motrices de Mauvoisin Dividends Received 2019n.m. |
| Total II.2 | Total II.2Gross book value of shares owned1 | Total II.2Impairment Recorded at 31/12/2019- | Total II.2Dividends Received 2019- | |||
| Total II | Total IIGross book value of shares owned194 | Total IIImpairment Recorded at 31/12/2019129 | Total IIDividends Received 2019- | |||
| Total subsidiaries and investments, gross | Total subsidiaries and investments, grossGross book value of shares owned59,479 | Total subsidiaries and investments, grossImpairment Recorded at 31/12/2019578 | Total subsidiaries and investments, grossDividends Received 20191,417 | |||
| TOTAL SUBSIDIARIES AND INVESTMENTS, NET | TOTAL SUBSIDIARIES AND INVESTMENTS, NETGross book value of shares owned58,901 |
n.m: not material (less than €500,000).
| At start of year | At year-end | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Gross book | Net book | Fair value | Gross book | Net book | Fair value |
| VALUE OF INVESTMENT SECURITIES | VALUE OF INVESTMENT SECURITIESAt start of year20,790 | VALUE OF INVESTMENT SECURITIESAt year-end20,136 | 20,830 | 22,350 | 22,246 | 24,816 |
At 31 December 2019, the investment securities portfolio comprises €22,246 million of dedicated assets.
A share repurchase programme was authorised by the General Shareholders’ Meeting of 16 May 2019 for a duration of 18 months. A liquidity contract exists for this programme, as required by the French market regulator AMF in decision AMF 2018-01 of 2 July 2018.
The Chairman and CEO, acting by delegation of the Board of Directors, decided on 23 December 2019 to proceed under the share repurchase programme authorised by the General Shareholders’ Meeting to reassignment of 3,646,913 EDF shares initially assigned to the liquidity contract, and 50,594 shares assigned to an Employee-reserved Offering of 2007, which is now an obsolete purpose. A total of 3,697,507 shares were thus assigned to the objective of a capital reduction by cancellation of those shares.
This operation led to recognition of impairment on treasury shares in the financial result, amounting to €14 million by reference to the share price at 23 December 2019. The 3,646,913 shares are therefore carried in the balance sheet under “Investment securities” at the net value of €36 million at 31 December 2019.
The 50,594 shares awaiting cancellation remain in the balance sheet under “Marketable securities” at the net value of €2 million at 31 December 2019. (see note 21)
| (in millions of euros) | Gross value at 31/12/2018 | Increases | Decreases | Gross value at 31/12/2018 | Impairment at 31/12/2018 | Net value at 31/12/2018 |
|---|---|---|---|---|---|---|
| TREASURY SHARES | TREASURY SHARESGross value at 31/12/201853 | TREASURY SHARESIncreases99 | TREASURY SHARESDecreases(91) | TREASURY SHARESGross value at 31/12/201861 | TREASURY SHARESImpairment at 31/12/2018(14) | TREASURY SHARESNet value at 31/12/201847 |
At 31 December 2019, a total 4,832,344 treasury shares are included in “investment securities” at the net value of €47 million, including €36 million for the 3,646,913 shares assigned to the objective of a capital reduction through cancellation of shares.
